PM Vishvas Scheme – 5% Cash Subsidy for Bank Loan Beneficiaries

PM Vishvas Scheme 2020 or Vanchit Ikai Samooh aur Vargo Ke Liye Arthik Sahayata Yojana to launch, people from underprivileged sections who have taken bank loans will get 5% subsidy per annum through direct cash transfer, check details here
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PM Vishvas Scheme or Vanchit Ikai Samooh aur Vargo Ke Liye Arthik Sahayata Yojana will soon be launched by the central government. In this scheme, people from underprivileged sections who have taken bank loans will get 5% subsidy per annum through direct cash transfer. As per the announcement on 28 August 2020, Union Social Justice and Empowerment Ministry will implement this scheme.

The new PM Vishvas Scheme 2020 will provide immediate cash transfer to beneficiaries. Central govt. is urging Indian bankers to come forward and extend support to this Vishvas scheme which would be floated within a period of the next 15-20 days or 1 month.

For the past few months, the govt. is diligently working towards promoting economic development of the underprivileged through various focused schemes. This PM Vishvas Scheme is another major initiative towards the upliftment of people from poor sections of the society.

PM Vishvas Scheme (Vanchit Ikai Samooh aur Vargo Ke Liye Arthik Sahayata Yojana) 2020

In PM Vishvas Scheme, all those people who have taken loans from banks will now get 5% cash subsidy directly into their bank accounts through DBT Mode. The name “Vanchit Ikai Samooh aur Vargo Ke Liye Arthik Sahayata Yojana” signifies a new financial assistance scheme for disadvantaged group category people. It is expected that the Vishvas scheme notification, guidelines, eligibility criteria, application / registration form filling process to be released within a month’s time.

PM Vishvas Scheme Application / Registration Form

Just like other cash subsidy transfer schemes, the central govt. may invite PM Vishvas Scheme 2020 application / registration form. These forms may be invited through online mode from an official website or dedicated portal or through offline mode at banks. People from disadvantaged sections may have to prove that they are underprivileged and are in great need to avail assistance before making enrollment. All the enrolled candidates on subsequent verification of their documents will be able to get 5% subsidy on bank loans through direct cash transfer. The complete Vishvas Scheme apply online / offline process to be released soon.

Eligibility Criteria PM Vishvas Scheme

Only those applicants which fulfills the below mentioned eligibility criteria will be able to enroll for PM Vishvas Scheme:-

  • Applicant must be a permanent resident of India.
  • He / She must have taken loan from banks in India.
  • Applicant must belong to the underprivileged / marginalised communities or disadvantaged group.

The complete eligibility criteria for Vanchit Ikai Samooh aur Vargo Ke Liye Arthik Sahayata Yojana will be updated here after the official guidelines are out.

List of Documents Required for PM Vishvas Scheme

Here is the complete list of documents required to apply online for PM Vishvas Scheme 2020:-

  • Recent Passport Size Photograph
  • Aadhar Card
  • Bank Passbook First Page (Bank Account Details)
  • Certificate for Underprivileged / Disadvantaged group

Only on successful verification of the documents and details filled in the application form, 5% cash subsidy would be transferred into the bank accounts of poor people.

Official Announcement of 5% Cash Subsidy Transfer on Bank Loans

National Scheduled Castes Finance and Development Corporation Chairman and Managing Director K. Narayan has announced PM Vishvas Scheme at a webinar hosted by business chamber Assocham. In the webinar, he said “It would help provide immediate cash benefit to the beneficiary and I would urge our bankers to come forward and extend support to this scheme which would be floated within a period of the next 15-20 days or in a month’s time”.

Dr. Ramdas Athawale said “While there are various government schemes, we must encourage youth belonging to marginalised community to come forward and become a part of the cooperative sector… our ministry also provides skill development training as such and they should take advantage of the same”. The official announcement date for Vanchit Ikai Samooh aur Vargo Ke Liye Arthik Sahayata Yojana is 28 August 2020 and would be launched soon.

Banks Role in Implementing PM Vishvas Scheme

The central govt. is urging members of underprivileged communities to come forward and takes advantage of those government schemes specifically designed to promote their economic development. The banks will play a lead role in helping the underprivileged by providing loans to the aspiring entrepreneurs instead of discouraging them. With the implementation of PM Vishvas Scheme, people from deprived sections would be empowered.

The government must also stand behind and support people from disadvantaged groups by providing end-to-end hand holding with the help of NGOs. There is an urgent need to set up a monitoring cell under the PMO to keep track of all the various schemes aimed at supporting the underprivileged and promoting their development. Initiatives like Mission Swavalamban aiming to maximise the outreach and awareness of business opportunities and loan facility access to the aspiring SC/ST entrepreneurs across India should be encouraged.

Frequently Asked Questions (FAQ’s)

What is the full form of PM Vishvas Scheme

Prime Minister Vanchit Ikai Samooh aur Vargo Ke Liye Arthik Sahayata Yojana is the full form of PM VISHVAS Scheme.

What is the assistance amount under PM Vishvas Scheme

All the bank loan beneficiaries will get 5% Cash Subsidy per annum directly into their bank accounts through DBT mode.

Who can Apply for PM Vishvas Scheme

People from underprivileged sections, marginalised communities or disadvantaged groups can apply for PM Vishvas Scheme.

Are the applications invited through online or offline mode

As the PM Vishvas scheme has just been announced, there is no clarity on mode of applications. As soon as the official guidelines are out, we will update it here.

What is the main objective for launch of PM Vishvas Scheme

To bring underprivileged and marginalised communities in the mainstream which would lead to rapid development of the country.

Which documents are required to avail assistance in Vishvas Scheme

Recent photograph, aadhaar card, bank account details (passbook), loan details, certificate to prove applicant is from underprivileged or disadvantaged group.

For more details, visit the official website at http://socialjustice.nic.in/ where Vishvas scheme details would be released.

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